BCGBCG Investor Perspectives SeriesQ42023SURVEYCONDUCTEDOCTOBER10-132023
BCG Investor Perspectives Series|Q42023BCGconducted this pulsecheck to help corporate executives and boards of directors understand investorsperspectives in this rapidly changing environment.BCGsurveyed leading investors,About 81% of the participants in this survey overlap with the respondents in the previous survey, which wasconductedJune5-8,2023October10-13.2023 toAcross the three most recent surveys (February 13-22, 2023, June 5-8, 2023, and October 10-13, 2023), the overlapunderstandtheirperspectives,on the US economy, the USAboutthe respondents:They represin combined assets undermanagementstock market and thecriticalRoughly 91% are portfolio managers and senior analysts vfor making buy, sel, and hold decisionsdecisions and actions thatreasonable price, and core arowth; thev also include some auantitative, technical, and special situation investorsseniorexecutives andboardsThe survevfocused on two kev topics:ofdirectorsareconsideringInvestors'views ofand expectationsfor theand making. This is BCG's 24thInvestors'perspectivesonimpotantdecions,and priorities that corporate executives andinvestor pulsecheck sinceboardsofdirectors are considering andmakingthe start ofthe pandemic. Because the market environmentis evoling, especill with regard to macroeconomic conditions some auestionTheinitial oulsecheckwasThe analysis shared in this document represents an aqgregated view that is not segmented by investor type. Itisconducted March 20-22, 20201 imortant for corporate executives and boards of irectors to keep in mind their curent and target investortypeThe resultsrepresenttheviews ofsunveyedivestorsonly,tounderstandBCG's point ofview on current topicsplease visit bcg.com.AtorPerspechvesSeves|Q42023|2
Key insights from Q4 2023 pulse check (1/3Oct10-13Short-term investorsentimenthas becomemore bearishfor2024Thethreelargestincreasesin investors'perceived macro risk since the Junebut it remains bullish for 2025 and 2026, reflecting the increasingly2023 pulse check are geopoliticalrisk (ranked as a top-three risk by 14 pp moreuncertain macro environment and geopoliticallandscape.investors), public-sector debt and spending (7 pp more investors, and private-sector credit and default risks (6 pp more investors)In the Octobersurvev. substantially fewer investors (38%) are bullish for2024,comparedwith51%ofinvestors inJune2023 While recession fears have declined, they remain signitiant--55% ofinvestors.Forthe next breevears throuah Otober 2026, 65%ofinvestors are bulishstllepet ecesion betoe theend of Q2024 an d 72% byea-end 2024 those shares ofinvestors are lower than they wereinJune 2023 when 72%which is in line with the 69% survev result in June 2023 and the overall seriesaverage(61%)" expeted aresonbefoetheendofQ22024and80% bryearend 2024economicconcernsremain the Federallacknowledae substantial differences acrosscompanies.sectors. andregions.price inf.Whenasked to ranktheirton thre...
